About this plan
This plan is designed for small business owners, professionals, and transporters with moderate turnover/receipts who want to file their Income Tax Return under the Presumptive Taxation Scheme (Section 44AD, 44ADA, or 44AE). It helps reduce compliance burden as there is no need to maintain detailed books of accounts or get an audit done (if conditions are met). This plan ensures accurate filing and full compliance with presumptive taxation rules.
Services Included
- Expert consultation to assess applicable presumptive section (44AD, 44ADA, or 44AE)
- Tax computation based on presumptive income rules
- Business code and nature validation
- Preparation & Filing of ITR- 4
- Get a dedicated relationship manager during service fulfillment.
- Calculation as per both the Tax Regime and selection of one which is best for you
- xpert Assisted Tax Filing. | Call 011 45626514
Who Should Buy
How It's Done
This plan is equipped with end-to-end online fulfillment via our expert. No hassle, 100% Digital.
3 Days Estimate
- Upload Documents on Vault
- Review computation sheet
- Get ITR-V after e-filing
Documents Required
FAQs
What is Business Income?
Business income refers to the profits earned from trading, manufacturing, or any commercial activity with the intention of making a profit. It includes income from the sale of goods, services, or any systematic activity carried out regularly. It is taxable under the head “Profits and Gains from Business or Profession.”
What is Professional Income?
Professional income is earned by individuals using their intellectual or specialized skills independently. It includes income of doctors, lawyers, chartered accountants, architects, consultants, etc. It is also taxed under the head “Profits and Gains from Business or Profession.”
My business turnover exceeds ₹40 lakhs but is below ₹2 crores. Can I still file under presumptive taxation?
Yes, you may opt for the presumptive taxation scheme under Section 44AD if your turnover is below ₹2 crores, provided you fulfill other conditions and declare at least 6% (digital) or 8% (cash) of gross receipts as income.
I am a professional with receipts above ₹5 lakhs but below ₹30 lakhs. Can I file under presumptive taxation?
Yes, under Section 44ADA, professionals with gross receipts up to ₹50 lakhs can declare 50% of gross receipts as income, even if books of accounts are not maintained.
I own one house and have rental income. How is it taxed?
Income from one house property must be reported. Deduction for municipal taxes and 30% standard deduction is allowed. If you have a home loan, interest can be claimed under Section 24(b).
What is income from house property and how is it taxed?
Income from House Property is possible in these Exper:
- Rental Income on a let out property
- Annual Value of a property which is deemedâ?? to be let out for income tax purposes ( when you own more than one house property)
- Annual Value of the property which is self occupied, which is Nil
- Under section 24 of the Income Tax Act you are allowed to make certain deduction from the Net Annual Value of your House Property. Net Annual Value is Gross Annual Value less Municipal Taxes Paid. In case the property is let out, its rent received is your Gross Annual Value, whereas in case of a deemed to be let out property, a reasonable rent of a similar place is your Gross Annual Value. For a self occupied house property the Gross Annual Value is Nil. Read more about House property income and its taxation Here
I am a transporter owning up to 6 vehicles. Can I use the presumptive income scheme?
Yes, under Section 44AE, if you own no more than 10 goods vehicles, you can declare presumptive income at a fixed rate per vehicle per month, and books are not required.
My business/profession income exceeds the basic exemption limit, but I haven’t maintained books of account. Can I still file ITR?
Yes, you can file ITR under presumptive taxation schemes (Sections 44AD/ADA/AE). However, if you are not opting for presumptive taxation, then maintenance of books may be mandatory, and a tax audit may be required depending on thresholds.
Which ITR form should I file for higher turnover or professional receipts without maintaining books?
If eligible under presumptive taxation, file ITR-4 (Sugam). If not eligible or not opting for presumptive taxation, use ITR-3 and ensure compliance with bookkeeping and audit provisions.
I also have a salary income below ₹1 crore. Can I include it along with business income in one return?
Yes, all sources of income, including salary, business/profession, interest, house property, etc., can be reported in the same ITR.
Are Audit and Financial statements preparation covered in the plan?
Audit & preparation of financial statements is not part of the plan.
Is revised return covered under the plan?
Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.
What is the cancellation / refund policy?
Refund is applicable only if no Experthas been assigned on the Expert’se, for detailed policy please visit our terms of use
I have income from interest on savings and fixed deposits. Is this taxable?
Yes. Interest on FDs is fully taxable. Interest from savings accounts is taxable after exemption of ₹10,000 under Section 80TTA (₹50,000 under 80TTB for senior citizens).
Do I need a tax audit if my turnover is above ₹40 lakhs and I don’t maintain books of accounts?
If you are not opting for presumptive taxation and your turnover crosses ₹1 crore (or ₹10 crore in case of 95% digital receipts), then tax audit becomes mandatory. Maintaining books is also required in such cases.